The ICF’s redesigned ATOM delegation program is now in its third quarterly adjustment cycle. This post provides a short reminder of how the program works, the changes made since the last cycle, and shares the Q3 2026 selected validator set and this quarter’s ecosystem growth delegation recipients. For the full rationale behind the program redesign, see the original announcement.

A reminder: how validators qualify

The program runs across two tranches, with delegations reviewed and adjusted quarterly.

Default delegations tranche. ATOM is allocated equally to all active validators meeting the on-chain criteria:

• Governance participation greater than 80% over the last 12 months, counting only proposals where the validator was in the active set. Delegations are reduced by 50% if more than 20% of a validator’s votes are ABSTAIN.
• Commission no greater than 10%.
• 90-day rolling uptime greater than 95%.
• Participation in the active set on at least 90 of the last 100 days.
• No disqualifying slashes in the last 90 days.
• At least six Hypha testnet points across the quarter, plus a passing testnet uptime result for the quarter.

Changes since the last cycle

• Governance lookback. The July post announced a 6-month lookback for this cycle. This cycle uses a rolling 12-month lookback instead, counting only proposals where the validator was in the active set, as shared on the Oct 14 validator call.
• Active set. Validators need to be in the active set on at least 90 of the last 100 days.
• Testnet participation. Hypha testnet points and testnet uptime are now required, evaluated on the quarter’s participation.
• Ecosystem growth delegations. New ecosystem growth delegations are now added on top of any default delegation the validator qualifies for. Agreements made before this cycle (node101 and The Cybernetics) keep their fixed amounts in place of a default delegation.
• Downtime. Downtime and jailing from Sept 7 to 30 were excused for this cycle.
• Round naming. Rounds are now named for the quarter of their snapshot. This round uses the Sept 30, 2026 snapshot, so it is Q3. The round announced in August as “Q3 Selected Validators” used the June 15 snapshot, so it is now edited as Q2.

Validators that did not meet the criteria this quarter can qualify automatically in future cycles as soon as they meet them.

Q3 2026 selected validators

This quarter, 47 validators qualified for default tranche delegations of 275,575.17 ATOM each, and two new partners hold ecosystem growth allocations, for a total of four with those allocated in Q2. Across both tranches, 14,474,826.99 ATOM was delegated to 50 validators. The full validator-level allocations and qualifying criteria data are available here.

Data collection and compliance screening were again performed with Range, with testnet data from Hypha, using the following snapshot windows:

• Snapshot: Cosmos Hub block 33,200,403 (Sept 30, 2026).
• Governance participation: the 12 months ending Sept 30, 2026.
• 90-day criteria: the 90 days ending Sept 30, 2026.
• Active set: the 100 days ending Sept 30, 2026.
• Testnet participation: July through September 2026.

Ecosystem growth delegation recipients: Q3 2026

The ecosystem growth tranche supports validators providing strategic services and infrastructure to the Cosmos Hub and broader ecosystem. This quarter, two new partners hold ecosystem growth delegations:

InfStones: 597,794 ATOM. Selected to build and operate an institutional-grade ATOM staking API, so custodians and brokerages can offer ATOM staking through channels they already run. The API covers delegating, undelegating, redelegating, and claiming rewards. It also provides reporting on balances and rewards that institutional clients need for their own books. InfStones was chosen because it already has a network of institutional partners and runs staking infrastructure for enterprises moving into digital assets.

Solva (CryptoCrew): 75,000 ATOM, on top of its default delegation. Selected through the Cosmos Hub PebbleDB Snapshot Provider RFP.

Ecosystem growth allocations are deducted from the default tranche pro rata, in accordance with the program design. Information about applying for future ecosystem growth delegations is available on the Cosmos Hub Forum.

Adjustments and what’s next

The Q3 2026 delegations have been executed.

The next quarterly adjustment uses a snapshot at the last block before 00:00 UTC on Jan 1, 2027, and will evaluate testnet participation from October through December 2026. Validators not yet participating in the testnet program should join now.

ICF Delegation Program: Q3 2026 Selected Validators was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

Editor’s note: As of Q3 2026, naming conventions for the ICF delegation program changed, and this post was edited from Q3–2026 to Q2–2026 (Date of snapshot).

The ICF’s redesigned ATOM delegation program is now in its second quarterly adjustment cycle. This post provides a short reminder of how the program works and shares the Q2 selected validator set and this quarter’s ecosystem growth delegation recipients. For the full rationale behind the program redesign, see the original announcement.

A reminder: how validators qualify

The program runs across two tranches, with delegations reviewed and adjusted quarterly.

Default delegations tranche. ATOM is allocated equally to all active validators meeting the on-chain criteria:

• Governance participation greater than 80%. Delegations are reduced by 50% if more than 20% of a validator’s votes are ABSTAIN.
• Commission no greater than 10%.
• 90-day rolling uptime greater than 95%.
• Participation in the active set for at least the last 90 days.
• No downtime slashes in the last 90 days.
• Validators receiving ecosystem growth delegations are ineligible for default delegations.

New this quarter: testnet participation is required.

Beginning with the Q2 adjustment, validators must participate in the Cosmos Hub testnet program run by Hypha to qualify for default tranche delegations. Starting with the next quarterly adjustment, qualifying validators will need 80% testnet uptime and six testnet points per quarter, evaluated using the prior quarter’s participation. To get started, visit Hypha’s program page.

Validators that did not meet the criteria this quarter can qualify automatically in future cycles as soon as they meet them.

Notice: Next Quarter Adjustment

Based on feedback from validators we are making the following adjustments to the program beginning with the next quarterly adjustment cycle:

• Governance lookback period: shortened to a 6-month lookback window from the quarterly snapshot date.

Q2 selected validators

This quarter, 58 validators qualified for default tranche delegations, and two additional validators were selected for fixed ecosystem growth allocations. Across both tranches, 13,878,518.49 ATOM is allocated to 60 validators. The full validator-level allocations and qualifying criteria data are available here.

Data collection and compliance screening were again performed with Range, using the following snapshot windows:

• Governance participation: cosmoshub-4 genesis through June 15, 2026.
• 90-day criteria: the 90 days ending June 15, 2026.

Ecosystem growth delegation recipients: Q2

The ecosystem growth tranche supports validators providing strategic services and infrastructure to the Cosmos Hub and broader ecosystem. This quarter, two recipients were selected:

The Cybernetics: 350,000 ATOM. Selected to deliver targeted Cosmos Hub community activation through live programming and follow-up content.

node101: 500,000 ATOM. Selected to support the initial development and ongoing maintenance of Validatier, a public validator-intelligence dashboard that helps the ATOM community evaluate validator participation, staking-reward sales, and long-term contribution.

Ecosystem growth allocations are deducted from the default tranche pro rata, in accordance with the program design. Information about applying for future ecosystem growth delegations is available on the Cosmos Hub Forum.

Adjustments and what’s next

The Q2 allocations remain subject to final ICF approval. Delegation adjustments will be executed after that review and the associated operational processes are complete, with timing shared once confirmed.

Validators who believe a mistake in the data excluded them can contact @RoboMcGobo on Telegram.

The next quarterly adjustment will evaluate testnet participation from Q2. Validators not yet participating in the testnet program should join now.

ICF Delegation Program: Q2 Selected Validators was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutiae of this reporting to drive clarity toward how values are presented and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (30 June in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: June 2026 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutiae of this reporting to drive clarity toward how values are presented and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (31st of March in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: March 2026 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutiae of this reporting to drive clarity toward how values are presented and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (28th of February in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: February 2026 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation (ICF) is rolling out an overhaul of its ATOM delegation program. This redesign reflects months of internal review and a clear desire to better align incentives, support high-performing validators, and strategically empower partners who help grow the Cosmos Hub and broader ecosystem.

This blog outlines why the ICF is making these changes, what the new program looks like, and the initial cohort of selected validators.

TLDR

• The ICF is launching a new ATOM delegation program, broken down into two separate tranches with unique goals
• 13,500,000 ATOM will be delegated across 74 validators in the first quarter. Program criteria data was collected and produced by Range.
• The ICF must first undelegate from all validators and migrate its ATOM to a new wallet.
• Delegations will be adjusted quarterly moving forward.
• Following the Q2 adjustment, validators will be required to run nodes on the Cosmos Hub testnet to qualify for delegations.

Lessons Learned from Previous Cycles

The original delegation program helped seed and stabilize the Cosmos Hub validator set, but over time, several structural issues became clear:

• Lack of Strategic Flexibility: The program could not accommodate custom delegations based on concrete deliverables, such as IBC relayer operations with agreed-upon SLAs. Other foundations routinely use delegations to advance ecosystem-critical initiatives. The ICF’s program lacked that adaptability.
• Retroactivity vs Proactivity: This new iteration of the delegation program places less emphasis on retroactive contributions, which can often be subjective and fail to properly incentivize validators to make ongoing contributions to the health of the network. Instead, proactive, forward-looking contributions to the network will be rewarded, ensuring the validators that receive delegations are those that are most aligned with the future success of the Cosmos Hub rather than its past.
• High Operational Burden: The program required significant manual effort to track, enforce, and update. This led to limited follow-through on validator contributions and an increasingly disengaged validator set.

These learnings made it clear that the ICF needs a simpler, more strategic, and more automated model. The delegation program should be simple to manage and understand, such that it can be adjusted frequently with minimal overhead to properly encourage validators to make decisions that improve the health of the network. This new iteration of the delegation program aims to facilitate that streamlined, more incentive-aligned model.

Goals of the New Delegation Program

The redesigned program focuses on clarity, automation, objectivity, and strategic value, both for the Cosmos Hub and the long-term health of the ecosystem. The program is designed with the following goals in mind:

1. Grow the health of the network: by leaning upon on-chain criteria to select eligible validators and incentivize non-performing validators to adjust their behavior
2. Reduce operational overhead: by automating most of the selection process
3. Increase delegation potency: by reducing the number of eligible validators by nearly 30% over previous programs and increasing the number of ATOM to be delegated by over 70%.
4. Increase governance participation: by filtering out absentee validators and helping governance votes to reach quorum.
5. Use delegations to advance ecosystem initiatives: by offering extended delegations via an RFP system, where appropriate.

At its core, the new program reinforces the principle that ICF delegations are not a right, but rather a privilege earned by providing ongoing value to the Cosmos Hub, ATOM, and the broader ecosystem.

Program Structure: Dual Tranche System

The new system consists of two complementary tranches, designed to balance fairness and strategic flexibility.

Default Delegations Tranche

This is a simple default delegation tranche that equally allocates ATOM to all active validators that meet a set of rigorous on-chain criteria, including:

• Governance participation greater than 80%
• If greater than 20% of the validator’s votes are ABSTAIN, the delegation amount will be reduced by 50%
• Commission no greater than 10%
• 90d rolling uptime greater than 95%
• Validator must have been in the active set for at least the last 90 days
• No downtime slashes in the last 90 days
• Validators eligible for the ecosystem growth delegations are ineligible for default delegations

Validators who meet these requirements will receive equal delegations automatically. Validators who do not meet these criteria will qualify automatically in subsequent adjustment cycles as soon as they meet the criteria. Designing the program this way ensures that non-performing validators are incentivized to adjust their behavior to facilitate a healthier network.

As more validators qualify under these criteria, the delegation pool will be more widespread and the delegation to each validator will be reduced pro-rata. Similarly, if validators drop out of the delegation set by failing to meet requirements, their stake will be redistributed to all remaining validators that qualify.

Ecosystem Growth Delegations Tranche

The Ecosystem Growth tranche is an application-only delegation tranche designed to advance key ecosystem initiatives and support critical infrastructure. This tranche has more flexible terms than the default tranche in order to accommodate strategic delegations to service providers with highly in-demand products or services. Delegations under this tranche will be allocated sparingly, and only for services where there is a clear and immediate need.

Delegations under this program may support:

• Provision of key interchain services and infrastructure, including IBC relayer operations, RPC infrastructure, indexing services, community support and activation, marketing and educational support, etc.
• Strategic institutional partnerships aimed at increasing adoption of the Cosmos SDK or ATOM. Examples include institutional onramping services, institutional distribution partnerships with teams connected to key enterprise decision makers, and more.
• Enterprises launching chains using the Cosmos stack that are interested in staking ATOM may be eligible for a partial delegation match.
• Other high-value contributions to the Hub or broader ecosystem

Validators in this tranche:

• Must still meet basic uptime and security requirements
• May operate under relaxed governance or commission requirements depending on the terms of the agreement
• Do not need to be in the active set

This tranche allows strategic flexibility to direct delegation support where it produces the most forward-looking ecosystem value. An application form for delegations will be posted on the Cosmos Hub forums some time in March. As validators become eligible for ecosystem growth delegations and receive ATOM allocations, those allocations will be deducted from default tranche delegations on a pro-rata basis.

Future Requirement: Participation in the Testnet

Beginning with the Q3 delegation adjustment, the ICF will mandate participation in the Cosmos Hub Testnet program run by Hypha. Validators not already participating are encouraged to participate in the program in anticipation of this future requirement. Any validator not participating in the testnet program will not receive delegations from the default tranche beginning with Q3.

Following Q3, validators will need 80% uptime on testnet and to score 6 testnet points per quarter (earned by participating in testnet events) in order to qualify. Delegations will be determined by participation in the prior quarter. For example, when evaluating Q4 delegations, we will look at the validator’s participation in Q3.

To learn more about the program and how to participate, please visit Hypha’s website.

Quarterly Adjustment Process

To keep delegations current and aligned with the goals of the program, delegations will be reviewed and adjusted every quarter. The steps include:

1. All ATOM staking rewards by the ICF wallets are claimed
2. Determination of the number of ATOM to allocate to ecosystem growth delegation recipients
3. ATOM not allocated to ecosystem growth delegations goes to default delegations
4. Filter active validators according to the default delegation criteria
5. Divide all remaining ATOM equally amongst the validators that meet the criteria
6. Adjust delegation amounts in accordance with the new parameters

Important Notice for Validators: The Initial Adjustment

The first execution of this quarterly process will involve a migration of the ICF’s ATOM to new wallets. Because of this wallet migration, the ICF will be required to completely undelegate its ATOM from existing validators. Undelegations will begin approximately the week of February 23 and will proceed according to the following process:

• The ICF will undelegate from all existing validators.
• After the 21-day unstaking period, all ATOM will be migrated to a new ICF wallet.
• Delegations will then be redeployed from within the new wallet to the newly qualifying validator set.

This process aims to minimize the amount of downtime for the ICF’s delegations and any resulting inconvenience to validators. The ICF will communicate publicly when undelegations begin to ensure the community is aware of the timeline and process.

Initial Validator Set

The above delegation process has been run proactively in preparation for the initial migration and redelegation. In total, 74 Validators have been selected to receive delegations, and each qualifying validator will receive approximately 186,206 ATOM.

The full list of selected validators and associated qualifying criteria can be found here.

We partnered with Range Security to assist us in indexing and collecting the relevant data, as well as to run OFAC compliance verification checks against validator addresses. Data was collected using the following snapshot windows:

• Governance participation: Feb 18, 2021 — Dec 31, 2025
• 90 day criteria: Oct 03 2025 — Dec 31, 2025

Range plans to post a blog in the coming days which outlines the exact processes used to gather data and screen validators for the program. Please visit Range’s blog page for more details.

Congratulations to all validators who have been selected as part of the initial cohort! For validators that did not qualify for delegations, remember that you can qualify in subsequent quarters by improving your validator node participation in a manner that conforms to the default delegation tranche requirements.

If you are a validator and believe that there has been a mistake in the data that has excluded you from receiving delegations, please contact @RoboMcGobo on telegram.

Final Thoughts

The redesigned ICF delegation program is simpler and more aligned with the long-term health of the Cosmos Hub. By combining strict on-chain criteria with a flexible partnership-driven tranche, the program rewards meaningful contributions, enhances governance participation, improves delegation efficiency, and empowers strategic growth.

Above all, this update ensures that delegations support those who consistently strengthen the Hub and broader ecosystem on an ongoing basis, creating a healthier validator environment for the future.

The Interchain Foundation (ICF) is rolling out an overhaul of its ATOM delegation program. was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutiae of this reporting to drive clarity toward how values are presented and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (31st of January in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above. For January, the variation in holding values was driven mainly by market price movements, not changes in token quantities.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: January 2026 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutia of this reporting, to drive clarity toward how values are presented, and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (31st of December in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: December 2025 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Interchain Foundation follows up today with the latest installment of its monthly treasury snapshot updates, as per the latest commitments towards new transparency and communication initiatives in the 2023 Annual Report release.

The present treasury snapshot shows the current holdings of the ICF, represented by Fiat and Cryptocurrencies. These updates are published after the closing of each month, during the subsequent working days.

Snapshot process and considerations

*Prices are denominated in USD based on data from CoinMarketCap (except for Penumbra, which uses the protocol’s data).

**The “Others” category represents a pool of tokens that individually account for nominal amounts and are therefore aggregated under this category for reporting purposes.

Below, we detail the characteristics and minutia of this reporting, to drive clarity toward how values are presented, and the instruments/processes utilized. The following section is mostly static month-to-month, with minor modifications to update processes or provide further context.

Asset pricing

Pricing is a snapshot of the closing price of all currencies/assets during the last day of each month (30th of November in this case) — this follows the standard agreed by CoinMarketCap, Google, etc. The fiat value of tokens is denominated in USD millions, using the prices as of the date mentioned above, with rounding applied in the resulting amounts shown above.

Pricing data and amounts

We utilize CoinMarketCap (except for Penumbra, which uses the protocol’s data) as the reference point for pricing data. Price is denominated in USD. Pricing fluctuations month to month represent the main dynamic influencing treasury value and totals. The secondary dynamic is the yearly defined budget expenditure for the ICF’s operations/funding program, which has different billing periods per provider and thus generates different spikes, such as in the end of the year. The choice of assets liquidated to cover said expenditures varies from period to period.

Fiat breakdown

The total fiat pool is distributed and divided across a number of banking entities to diminish exposure and institutional risk, and is either readily available or part of an investment program.

Fiat investments

This percentage represents the amount of fiat currently invested in traditional banking mechanisms for risk management purposes and diversification. These initiatives diminish exposure and diversify fiat into investments that are protected or have safeguards against institutional failure. The uninvested portion is maintained for liquidity purposes.

Cryptocurrency breakdowns

Assets are broken down by primary holdings representing the total pool of the Interchain Foundation’s treasury. This pool is composed of assets held from the foundation’s inception, diversifications/investments, and airdrops/donations. There are different methods of custody to diminish risk and exposure, and diversification diminishes the impact of price fluctuations. Some of these assets are actively delegated through the ICF’s delegation program. The Others category represents a set of tokens that individually represent minimal amounts and are thus pooled together until the amount becomes material or the asset is part of our delegation program.

Looking for more updates or information from the Interchain Foundation? Visit us on X.

ICF Treasury Snapshot: November 2025 was originally published in The Interchain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.